Tag: HELP

The Federal Government through the Small Business Administration has several relief options for businesses, and the self employed.

The first is the Paycheck Protection Program (PPP). The PPP is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities, however, 75% of the money must be used for payrool in order to get forgiveness of the loan. The following entities affected by Coronavirus (COVID-19) may be eligible to apply for the PPP:

Any small business concern that meets SBA’s size standards (either the industry based sized standard or the alternative size standard);

Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or Tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of:

500 employees, or

that meets the SBA industry size standard if more than 500;

Any business with a NAICS Code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location; and

The second is the Economic Injury Disaster Loan Emergency Advance (EIDLEA). small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available following a successful application. This loan advance will not have to be repaid. This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by COVID-19. Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries. More information on the EIDLEA can be found here.